Purple Innovation (PRPL) Announces Review of Strategic Alternatives to Maximize Shareholder Value

Purple Innovation, Inc. (NASDAQ: PRPL) today announced that its Board of Directors (the "Board") has initiated a review of strategic alternatives for the Company, following inbound expressions of interest. The Board will consider a broad range of opportunities to maximize shareholder value, including, but not limited to, a sale, merger, or other strategic or financial transaction.

To evaluate potential alternatives for the Company, the Board has formed a special committee of independent directors comprised of Gary T. DiCamillo (Chair), D. Scott Peterson, and Claudia Hollingsworth.

Mr. DiCamillo said, "Purple's Board is committed to maximizing shareholder value and assessing all credible pathways available to the Company to achieve this objective. Following the Company's recent receipt of expressions of interest – reflecting our attractive position as a leading independent premium mattress brand – we believe it is in the best interests of all Purple stakeholders to initiate a formal review of strategic alternatives. We embark on this process from a position of strength, having delivered positive Adjusted EBITDA and positive cash flow performance in the fourth quarter of 2024, while meaningfully enhancing our financial position through the expansion of our existing credit facility. As the Board conducts its review, the Purple team remains laser focused on executing against our Path to Premium strategy and continuing to serve our customers and wholesale partners."

The Board has not set a timetable for the conclusion of its evaluation, nor has it made any decisions related to any potential strategic alternatives at this time. Purple does not intend to comment on this review of strategic alternatives until it deems further disclosure is appropriate or necessary. There can be no assurances as to the outcome or timing of such review, or whether any particular transaction may be pursued or consummated.

Purple has retained Jefferies LLC as financial advisor to assist in its review of strategic alternatives.

Purple today separately reported financial results for the fourth quarter and full year ended December 31, 2024, as well as an increase of $19 million in its existing term loan, bringing the total commitment to $80 million.

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